Northern Rock's new Granite 2006-1 issue is testing the waters for what pricing levels will look like early in the game and so far the reception has been encouraging. The deal was upsized yesterday by 50% to £6 billion ($10.6 billion) from £4 billion ($7.07 billion) with original price talk revised tighter. The most notable revision was at the triple-B level with the euro and sterling tranches now being talked five basis points tighter, said market sources. The triple-B rated Class C notes were revised to Libor 60 to 65 basis points -- expected at 60 basis points. Markets sources said that underwriters are testing the tight end of guidance for the senior tranches as well.
-
According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
11h ago -
With a high proportion of fixed-rate, interest-only underlying loans, the notes have almost no amortization, and three CRE loans have standalone, investment-grade opinions.
April 19 -
The fixed-rate loans are divided into three sub-pools that relied on rating methods from the RMBS, CMBS and ABS sectors to assess their risks.
April 18 -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
April 18 -
The portfolio does not have any meaningful originations that have completed a full repayment cycle, making the company's performance data thin.
April 18 -
Formerly of Wells Fargo, she will coordinate several key units to create a structure for a sustained capital markets program that capitalizes on recent innovation and growth in home equity finance.
April 17